Subject: File No. SR-NASD-2005-063
From: Stephen Tenison

July 6, 2005

With respect to establishing a 7,500 per month exchange fee for unlimited users I suspect this provision would benefit very few users and is thus is not in the best interest of the industry as a whole.

These proposed exchange users are more than capable of affording the TRACE fees. The NASD fails to address what possible benefits are derived from a firm distributing the transaction data more widely within the organization. The whole premise of TRACE was to benefit the public.

If you want to give a deserving group of users a break then propose a deminimus user fee whereby those firms submitting fewer than 1000 trades per month are charged nothing to access the system.